3ULQWHGE\0HOLVVD&RRSHU
3ULQWHGRQ2FWREHU
7KH3RZHURIWKH3HQ
%HIRUH5HDGLQJ3ROO
,QWKHVPDQ\SHRSOHIRXQG(GZDUG&OD\
VSROLWLFDOFDUWRRQVRIIHQVLYH+RZHYHUWKH)LUVW$PHQGPHQW
JDYHKLPWKHULJKWWRSXEOLVKKLVSROLWLFDOFDUWRRQVIRUWKHSXEOLF:KDWGR\RXWKLQN"
)UHHGRPRIWKHSUHVVVKRXOGKDYHOLPLWV
$JUHH
'LVDJUHH
([SODLQZK\\RXYRWHGWKHZD\\RXGLG
$UWLFOH
3$*(
1(:<25.1HZ<RUN$FKLHYH'HFHPEHU7KURXJKRXW
$PHULFDQKLVWRU\SROLWLFDOFDUWRRQLVWVKDYHXVHGH[DJJHUDWHGFDULFDWXUHV
DQGZU\REVHUYDWLRQVWRLQIOXHQFHSXEOLFRSLQLRQRQWKHPRVWGLYLVLYH
LVVXHVRIWKHGD\,QWKHEHJLQQLQJRIWKHWKFHQWXU\WKHLVVXHWKDW
ORRPHGODUJHVWZDVWKHLQVWLWXWLRQRIVODYHU\7KHJURZLQJDQGSDVVLRQDWH
DEROLWLRQLVWVHQWLPHQWLQWKHFRXQWU\ZDVVWURQJO\RSSRVHGE\WKRVHZKR
EHOLHYHGWKHLQVWLWXWLRQRIVODYHU\VKRXOGEHXSKHOG(GZDUG:LOOLDPV
&OD\DSROLWLFDOFDUWRRQLVWRIWKHGD\XVHGKLVSHQWRVXSSRUWWKRVHZKR
XSKHOGWKHODWWHUYLHZ
(TXDO5LJKWVIRU$OO"
,QWKHHDUO\VDEROLWLRQLVWVTXHVWLRQHGWKHOHJDOLW\DQGPRUDOLW\RI
VODYHU\0DQ\$PHULFDQVEHJDQWRUHH[DPLQHWKHSURPLVHVVHWIRUWKLQ
7KH'HFODUDWLRQRI,QGHSHQGHQFH7KHGRFXPHQWSURFODLPHG$OOPHQ
,PDJHFUHGLW/LEUDU\RI&RQJUHVV
3ULQWVDQG3KRWRJUDSKV'LYLVLRQ
:DVKLQJWRQ'&
,QWKHHDUO\V(GZDUG&OD\
FUHDWHGSROLWLFDOFDUWRRQVLQVXSSRUW
RIVODYHU\
DUHFUHDWHGHTXDOWKDWWKH\DUH>JLYHQFHUWDLQEDVLF@5LJKWVWKDWDPRQJ
WKHVHDUH/LIH/LEHUW\DQGWKHSXUVXLWRI+DSSLQHVV6ODYHU\
DEROLWLRQLVWVDUJXHGZDVFRQWUDU\WRWKHVHLGHDOV+DG$PHULFD
VIRXQGHUVLQWHQGHGIRUWKHVHZRUGVWRDSSO\MXVWWR
ZKLWHPHQRUWRDOOPHQ"'LG$PHULFDQLGHDOVDVVHWIRUWKE\WKHIRXQGHUVGLFWDWHWKDW$IULFDQ$PHULFDQVODYHV
GHVHUYHGWREHOLEHUDWHG"
0HDQZKLOHSURVODYHU\IRUFHVEHJDQWRIHDUZKDWWKHIXWXUHPLJKWKROG%\WKHVHYHQDVVODYHU\EHFDPHPRUH
FRPPRQRQWKHYDVWSODQWDWLRQVRIVRXWKHUQVWDWHVWKHUHZDVDVKDUSLQFUHDVHLQWKHFRXQWU\
VSRSXODWLRQRIIUHH
$IULFDQ$PHULFDQV'XULQJWKLVWLPH3KLODGHOSKLD3HQQV\OYDQLDZDVKRPHWRRQHRIWKHODUJHVWFRPPXQLWLHVRIIUHH
EODFNVLQWKHFRXQWU\,Q3HQQV\OYDQLDKDGSDVVHGDQDFWWKDWDOORZHGDJUDGXDODEROLWLRQRIVODYHU\LQWKH
VWDWH%\WKHUHZHUHIUHHEODFNVOLYLQJLQ3KLODGHOSKLD7KLVZDVQHDUO\QLQHSHUFHQWRIWKHFLW\
V
SRSXODWLRQ7KHVHIUHH$IULFDQ$PHULFDQVEHJDQWRHVWDEOLVKWKHLURZQFXOWXUHFKXUFKHVVFKRROVDQGVRFLHWLHV
/LIHLQ3KLODGHOSKLD
7KHFKDQJHVKDSSHQLQJLQ3KLODGHOSKLDZRUULHGVXSSRUWHUVRIVODYHU\7KH\EHOLHYHGWKDW$IULFDQ$PHULFDQVGLGQRW
GHVHUYHWREHWUHDWHGRQWKHVDPHOHYHODVZKLWHFLWL]HQV6RPHRIWKHVHDQWLDEROLWLRQLVWVLQFOXGLQJ(GZDUG&OD\
EHOLHYHGWKDWDVRFLHW\LQZKLFKIUHHEODFNVHQMR\HGWKHVDPHULJKWVDVZKLWH$PHULFDQVZDVGRRPHGWRIDLOXUH
7KURXJKKLVFDUWRRQV&OD\UHVROYHGWRFKDOOHQJHDEROLWLRQLVWVZKRVXSSRUWHGDQHTXDOVRFLHW\
%HWZHHQDQG&OD\FUHDWHGKLV/LIHLQ3KLODGHOSKLDVHULHV7KLVFROOHFWLRQRIGUDZLQJVUHQGHUHGDKDUVK
SRUWUD\DORIDQDWLRQWKDWDFFHSWHGIUHH$IULFDQ$PHULFDQV7KHFKDUDFWHUVLQ&OD\
VZRUNVDLPHGIRUWKHKLJKHVW
UHDFKHVRIVRFLHW\EXWIHOOIDUVKRUWRIWKHLUJRDOV&OD\JDYHKLVFKDUDFWHUVWKHVDPHWUDLWVFRPPRQO\SRUWUD\HGLQ
QHZVSDSHUVGXULQJWKDWWLPH7KH\ZHUHEXPEOLQJDQGDZNZDUGSHRSOHZKRZRUHJDULVKFORWKHVDQGRIWHQ
PLVSURQRXQFHGWKHLUZRUGV&OD\
VFUHDWLRQVVKRZHGIUHHEODFNVHQJDJHGLQWKHVDPHDFWLYLWLHVDVWKHLUZKLWH
FRXQWHUSDUWV7KH\VKRSSHGVWUROOHGDQGSDLGYLVLWVWRRQHDQRWKHU+RZHYHUIUHHEODFNVZHUHSRUWUD\HGDVLJQRUDQW
LQDOORIWKHLULQWHUDFWLRQV&OD\GHVLJQHGKLVFDUWRRQVLQWKLVPDQQHUWRVHQGWKHPHVVDJHWKDW$IULFDQ$PHULFDQV
ZHUHQRWGHVHUYLQJRIWKHVDPHUHVSHFWDVZKLWHVLQ$PHULFDQVRFLHW\$WWKHVDPHWLPHKHKRSHGWRIXUWKHUWKHSUR
VODYHU\DJHQGD
0DUULDJH/DZV
,Q&OD\ZRXOGDJDLQXVHKLVSHQWRFKDOOHQJHWKHDQWLVODYHU\PRYHPHQW$JURXSRIZRPHQOHGE\
DEROLWLRQLVW$UROLQH&KDVHVXEPLWWHGDSHWLWLRQWRWKH0DVVDFKXVHWWVJRYHUQPHQW7KH\DVNHGWKHVWDWHWRHQGODZV
WKDWIRUEDGHLQWHUUDFLDOPDUULDJH7KHJURXSUHTXHVWHGWKDWWKHJRYHUQPHQWUHSHDODOOODZVZKLFKPDNHDQ\GLVWLQFWLRQ
DPRQJLWVLQKDELWDQWVRQDFFRXQWRIFRORULQFOXGLQJIRUELGGLQJPDUULDJHEHWZHHQZKLWHVDQGEODFNVRU,QGLDQV
,QWHUUDFLDOPDUULDJHZDVXQKHDUGRIDWWKHWLPH7KHSHWLWLRQWROHJDOL]HLWMROWHG&OD\DQGPDQ\RWKHUDQWLDEROLWLRQLVWV
7KDWVDPH\HDU&OD\SURGXFHGKLV$PDOJDPDWLRQVHULHV8QOLNHKLV/LIHLQ3KLODGHOSKLDVHULHVWKHVHGUDZLQJVGLG
QRWODPSRRQIUHHEODFNVRFLHW\,QVWHDG&OD\DWWHPSWHGWRVKRFNKLVUHDGHUVE\SDLQWLQJDSLFWXUHRIDVRFLHW\LQ
ZKLFK$IULFDQ$PHULFDQDQGZKLWHSHRSOHZHUHIUHHWRPLQJOHLQWHUDFWDQGPDUU\²SUDFWLFHVWKDWZHUHQDWXUDOO\
FRQGHPQHGE\DQWLDEROLWLRQLVWV&OD\DOVRXVHGWKHGUDZLQJVWRULGLFXOHSURPLQHQWOHDGHUVLQWKHDEROLWLRQLVW
PRYHPHQW,Q&OD\
VGUDZLQJHQWLWOHG$PDOJDPDWLRQ3RONDDEROLWLRQLVW:LOOLDP/OR\G*DUULVRQZDVVKRZQGDQFLQJ
KLVIDFHGLVWRUWHGLQDIRROLVKH[SUHVVLRQ
$WWKHWLPHRIWKHLUSXEOLFDWLRQ&OD\
VFDUWRRQVKHOSHGVSUHDGRUUHLQIRUFHWKHEHOLHIWKDWEODFNSHRSOHZHUHE\QDWXUH
XQHTXDODQGWKHUHIRUHVKRXOGQRWHQMR\DOOWKHOLEHUWLHVRIZKLWHV,QVRPHLQVWDQFHVKLVGUDZLQJVVHUYHGDV
LQVSLUDWLRQIRUQHZODZVGHVLJQHGWRSUHVHUYHVODYHU\RUSURPRWHWKHVHSDUDWLRQRIUDFHV,QRWKHUFDVHVWKH\HYHQ
VSXUUHGZKLWHSRSXODWLRQVWRULRW7RGD\KLVWRULDQVFLWH&OD\
VZRUNVDVLQGLFDWRUVRIWKHUDFLVPWKDWZDVW\SLFDOLQ
VRFLHW\SULRUWRWKH86&LYLO:DU
3$*(
'LJ'HHSHU
$V\RXUHDGLQ7KH3RZHURIWKH3HQ(GZDUG&OD\XVHGRQHRIKLVFDUWRRQVWRPRFNDEROLWLRQLVW:LOOLDP/OR\G
*DUULVRQ*DUULVRQKDGERWKDGPLUHUVDQGFULWLFV$IWHUDOOKHGHGLFDWHGKLVFDUHHUWRWKHPRVWFRQWURYHUVLDOLVVXHRI
KLVGD\DQGPDQ\SHRSOHFRQVLGHUHGKLVRSLQLRQVWREHH[WUHPH
$EROLWLRQLVWVEHOLHYHGWKDWVODYHU\ZDVDPRUDOHYLOWKDWVKRXOGEHDEROLVKHGRUHQGHG)URPWKHVWKURXJKWKH
&LYLO:DUDQGHYHQIRUDIHZ\HDUVEH\RQGLWDV\RX
OOUHDGEHORZDEROLWLRQLVWVZHUHDQLPSRUWDQWSROLWLFDOIRUFHLQ
WKH8QLWHG6WDWHVDQG*DUULVRQZDVRQHRIWKHPRYHPHQW
VORXGHVWYRLFHV%HJLQQLQJLQKHSXEOLVKHGD
QHZVSDSHUFDOOHG7KH/LEHUDWRULQZKLFKKHZURWHVWURQJDQWLVODYHU\HGLWRULDOV+HDOVRKHOSHGRUJDQL]HWKH1HZ
(QJODQG$QWL6ODYHU\6RFLHW\DQGODWHUWKH$PHULFDQ$QWL6ODYHU\6RFLHW\
$EROLWLRQLVWVKDGYDULHGRSLQLRQVRQKRZWRJRDERXWHQGLQJVODYHU\DQGDERXWKRZIRUPHUVODYHVVKRXOGEHWUHDWHG
DIWHUDEROLWLRQ*DUULVRQDUJXHGWKDWVODYHU\VKRXOGEHHQGHGLPPHGLDWHO\²QRWRYHUDORQJSHULRGRIWLPHDVRWKHUV
VXJJHVWHG)XUWKHUPRUHKHEHOLHYHGWKDWEODFN$PHULFDQVVKRXOGKDYHH[DFWO\WKHVDPHULJKWVDVZKLWH$PHULFDQV
1RWHYHU\RQHRSSRVHGWRVODYHU\EHOLHYHGWKLVPLOOLRQVRI$PHULFDQVRSSRVHGVODYHU\ZLWKRXWZDQWLQJUDFLDO
HTXDOLW\
*DUULVRQWRRNVWURQJSRVLWLRQVRQPDQ\LVVXHVRIWKHGD\8QOLNHVRPHRWKHUDEROLWLRQLVWV*DUULVRQLQVLVWHGWKDW
ZRPHQVKRXOGKDYHHTXDOULJKWVDQGKHRSSRVHGJLYLQJWKHPRYHPHQW
VRIILFLDOVXSSRUWWRDQ\SROLWLFDOFDQGLGDWH
+LVYLHZVGLGQRWDOZD\VHQGHDUKLPWRRWKHUDEROLWLRQLVWV$IULFDQ$PHULFDQDQWLVODYHU\OHDGHU)UHGHULFN'RXJODVV
ZDVRQHZKRGLVDJUHHGZLWKVRPHRI*DUULVRQ
VSRVLWLRQV(YHQWXDOO\WKHWZROHDGHUVFRXOGQRORQJHUVHHH\HWRH\H
DQGWKHDQWLVODYHU\PRYHPHQWVSOLWLQWZRGXULQJWKHV7KRVHZKRGLVDJUHHGZLWK*DUULVRQ
VPHWKRGVZHQWWKHLU
RZQZD\
$VWKHFRXQWU\VOLGWRZDUGFLYLOZDU*DUULVRQFRQWLQXHGWRSXEOLVK7KH/LEHUDWRU7KHSDSHUDSSHDUHGUHJXODUO\XQWLO
WKHHQGRIWKHZDULQ,QWKDW\HDU*DUULVRQEHOLHYHGWKDWWKHSDVVDJHRIWKH7KLUWHHQWK$PHQGPHQWZKLFK
ILQDOO\DEROLVKHGVODYHU\PDGHLWXQQHFHVVDU\IRUWKH$PHULFDQ$QWL6ODYHU\6RFLHW\WRFRQWLQXH+RZHYHUVRPH
PHPEHUVRIWKHJURXSFRQWLQXHGWRVWULYHIRUFRPSOHWHHTXDOLW\IRUWKHIUHHGVODYHVXQWLOWKH)LIWHHQWK$PHQGPHQW
ZKLFKJDYH$IULFDQ$PHULFDQPDOHVWKHULJKWWRYRWHZDVSDVVHGLQ
*DUULVRQGLHGLQDWDJH+LVPRVWIDPRXVZRUGVKDYHOLYHGRQDIWHUKLPIURPWKHILUVWHGLWLRQRI7KH
/LEHUDWRU,GRQRWZLVKWRWKLQNRUVSHDNRUZULWHZLWKPRGHUDWLRQ«,DPLQHDUQHVW«,ZLOOQRWUHWUHDWDVLQJOHLQFK
²$1',:,//%(+($5'
+HZDV
'LFWLRQDU\
DEROLWLRQLVWQRXQDSHUVRQZKRVXSSRUWHGRXWODZLQJVODYHU\
FDULFDWXUHQRXQDGUDZLQJRUGHVFULSWLRQWKDWH[DJJHUDWHVRUGLVWRUWVWKHVXEMHFW
VIHDWXUHVRUFKDUDFWHULVWLFVRIWHQIRUFULWLFDO
RUFRPLFHIIHFW
JDULVKDGMHFWLYHWDVWHOHVVRUJDXG\
LQWHUUDFLDODGMHFWLYHLQYROYLQJSHRSOHRIGLIIHUHQWUDFHV
ODPSRRQYHUEWRVXEMHFWWRULGLFXOHRUKDUVKVDWLUH
$FWLYLW\
3$*(
:KDWLVWKLVDUWLFOHPDLQO\DERXW"
(GZDUG:LOOLDPV&OD\
VWURXEOHGFKLOGKRRGLQ3KLODGHOSKLD3HQQV\OYDQLDGXULQJWKHHDUO\V
$SROLWLFDOFDUWRRQLVWRIWKHVZKRXVHGKLVGUDZLQJVWRFKDOOHQJHWKHDQWLVODYHU\PRYHPHQW
7KHHIIRUWVRIDEROLWLRQLVWOHDGHUVVXFKDV:LOOLDP/OR\G*DUULVRQDQG$UROLQH&KDVHLQ
3HQQV\OYDQLD
6HYHUDOSROLWLFDOFDUWRRQLVWVVXFKDV(GZDUG&OD\ZKRXVHGWKHLUWDOHQWWRLQIOXHQFHSXEOLF
RSLQLRQ
:KLFKRIWKHVHLVDVWDWHPHQWRIRSLQLRQ"
&OD\
VFUHDWLRQVVKRZHGIUHHEODFNVHQJDJHGLQWKHVDPHDFWLYLWLHVDVWKHLUZKLWHFRXQWHUSDUWV
$UROLQH&KDVHOHGDJURXSWKDWDVNHG0DVVDFKXVHWWVWRHQGODZVWKDWIRUEDGHLQWHUUDFLDOPDUULDJH
7KH'HFODUDWLRQRI,QGHSHQGHQFHSURFODLPHG$OOPHQDUHFUHDWHGHTXDO
,I&OD\ZHUHDOLYHWRGD\KHZRXOGEHHPEDUUDVVHGE\KLVZRUNGXULQJWKHHDUO\V
:KLFKLVWKHFORVHVWV\QRQ\PIRUWKHZRUGODPSRRQ"
&HOHEUDWH
2PLW
0RFN
(PEUDFH
7KLVDUWLFOHZRXOGEHPRVWXVHIXODVDVRXUFHIRUDVWXGHQWUHVHDUFKSURMHFWRQBBBBBBBBBB
,QWHUSUHWDWLRQVRI7KH'HFODUDWLRQRI,QGHSHQGHQFH
7KHSUDFWLFHRIVODYHU\LQWKHFRORQLDOSHULRGRI$PHULFD
3ROLWLFDOLVVXHVRIWKH3UH&LYLO:DUHUD
$EROLWLRQLVWOHDGHU:LOOLDP/OR\G*DUULVRQ
$FFRUGLQJWRWKHDUWLFOHZKDWLVRQHUHDVRQZK\&OD\
V$PDOJDPDWLRQ3RONDVKRZHG:LOOLDP/OR\G*DUULVRQ
VIDFH
GLVWRUWHGLQDIRROLVKH[SUHVVLRQ"
&OD\ZDVXVLQJKLVGUDZLQJVWRULGLFXOHSURPLQHQWOHDGHUVLQWKHDEROLWLRQLVWPRYHPHQW
&OD\ZDQWHGWRVKRZIUHHEODFNVDVEXPEOLQJDQGDZNZDUGSHRSOHWKDWGLGQRWGHVHUYHHTXDO
WUHDWPHQW
&OD\ZDVWU\LQJWRVKRFNKLVUHDGHUVE\VKRZLQJEODFNVDQGZKLWHVFHOHEUDWLQJDQLQWHUUDFLDO
PDUULDJH
&OD\ZDQWHGWRSRUWUD\EODFNVDVLJQRUDQWDVWKH\HQJDJHGLQWKHVDPHDFWLYLWLHVDVZKLWHV
:KLFKTXHVWLRQLVQRWDQVZHUHGE\WKHDUWLFOH"
:KHUHLQ3HQQV\OYDQLDGLG(GZDUG:LOOLDPV&OD\JURZXS"
:KDWZDVWKHQDPHRIRQHRI(GZDUG:LOOLDPV&OD\
VGUDZLQJV"
:KDWGRKLVWRULDQVVD\&OD\
VZRUNUHYHDOVDERXWWKH86SULRUWRWKH&LYLO:DU"
:KHUHZDVRQHRIWKHODUJHVWFRPPXQLWLHVRIIUHHEODFNVLQWKH86LQWKHV"
7KHDUWLFOHVWDWHV
,QVWHDG&OD\DWWHPSWHGWRVKRFNKLVUHDGHUVE\SDLQWLQJDSLFWXUHRIDVRFLHW\LQZKLFK$IULFDQ$PHULFDQDQG
ZKLWHSHRSOHZHUHIUHHWRPLQJOHLQWHUDFWDQGPDUU\²SUDFWLFHVWKDWZHUHQDWXUDOO\FRQGHPQHGE\DQWL
DEROLWLRQLVWV
:KLFKZRXOGEHWKHFORVHVWV\QRQ\PIRUWKHZRUGPLQJOH"
%UDZO
'LVUHVSHFW
3URVSHU
6RFLDOL]H
:KLFKRIWKHVHLVPRVWLPSRUWDQWWRLQFOXGHLQDVXPPDU\RIWKLVDUWLFOH"
$PHULFD
VIRXQGHUVVHWIRUWKVHYHUDOSURPLVHVLQ7KH'HFODUDWLRQRI,QGHSHQGHQFH
+LVWRULDQVVWXG\WKHZRUNVRISROLWLFDOFDUWRRQLVWVWROHDUQDERXWLVVXHVRIWKHSDVW
$UROLQH&KDVHZDVDQDEROLWLRQLVWZKROHGDJURXSRIZRPHQLQ0DVVDFKXVHWWV
3ROLWLFDOFDUWRRQLVW(GZDUG&OD\FUHDWHGGUDZLQJVLQVXSSRUWRIVODYHU\LQWKH86
$IWHU5HDGLQJ3ROO
1RZWKDW\RXKDYHUHDGWKHDUWLFOHLQGLFDWHZKHWKHU\RXDJUHHRUGLVDJUHHZLWKWKLVVWDWHPHQW
)UHHGRPRIWKHSUHVVVKRXOGKDYHOLPLWV
$JUHH
'LVDJUHH
7KRXJKW4XHVWLRQ
([SODLQKRZ(GZDUG&OD\DQG:LOOLDP/OR\G*DUULVRQHDFKIHOWDERXWVODYHU\6XSSRUW\RXUUHVSRQVHZLWKLQIRUPDWLRQ
IURPWKHOHVVRQ
7\SH\RXUDQVZHULQWKHWH[WER[EHORZ
3ROO5HVXOWV
23,1,2167$7(0(17)UHHGRPRIWKHSUHVVVKRXOGKDYHOLPLWV
%()25(5($',1*
$)7(55($',1*
+2:<28927('
$JUHH
$JUHH
'LVDJUHH
'LVDJUHH
:25/':,'(5(68/76
$JUHH
$JUHH
'LVDJUHH
'LVDJUHH
FKDQJHGWKHLURSLQLRQDIWHUUHDGLQJWKHDUWLFOH
0DWK
3$*(
$QDUWLVWGUDZVKLVFDUWRRQVLQVLGHIRXUUHFWDQJXODUSDQHOV(DFKSDQHOLVWKHVDPHVL]HDQGVKDSH%DVHGRQWKH
SLFWXUHZKDWLVWKHDUHDRIHDFKSDQHO"
$U OZZKHUH$ULVWKHDUHDRIDUHFWDQJOHOLVWKHOHQJWKDQGZLVWKHZLGWK
LQ
LQ
LQ
LQ
6WUHWFK$UWLFOH
3$*(
1(:<25.1HZ<RUN$FKLHYH'HFHPEHU7KURXJKRXW
$PHULFDQKLVWRU\SROLWLFDOFDUWRRQLVWVKDYHXVHGH[DJJHUDWHGFDULFDWXUHV
DQGZU\REVHUYDWLRQVWRLQIOXHQFHSXEOLFRSLQLRQRQWKHPRVWGLYLVLYH
LVVXHVRIWKHGD\,QWKHEHJLQQLQJRIWKHWKFHQWXU\WKHLVVXHWKDW
ORRPHGODUJHVWZDVWKHLQVWLWXWLRQRIVODYHU\7KHJURZLQJDQGSDVVLRQDWH
DEROLWLRQLVWVHQWLPHQWLQWKHFRXQWU\ZDVVWURQJO\RSSRVHGE\WKRVHZKR
EHOLHYHGWKHLQVWLWXWLRQRIVODYHU\VKRXOGEHXSKHOG(GZDUG:LOOLDPV
&OD\DSROLWLFDOFDUWRRQLVWRIWKHGD\XVHGKLVSHQWRVXSSRUWWKRVHZKR
XSKHOGWKHODWWHUYLHZ
(TXDO5LJKWVIRU$OO"
,PDJHFUHGLW/LEUDU\RI&RQJUHVV
3ULQWVDQG3KRWRJUDSKV'LYLVLRQ
:DVKLQJWRQ'&
,QWKHHDUO\VDVDEROLWLRQLVWVTXHVWLRQHGWKHOHJDOLW\DQGPRUDOLW\RI
,QWKHHDUO\V(GZDUG&OD\
VODYHU\PDQ\$PHULFDQVEHJDQWRUHH[DPLQHWKHSURPLVHVVHWIRUWKLQ
FUHDWHGSROLWLFDOFDUWRRQVLQVXSSRUW
7KH'HFODUDWLRQRI,QGHSHQGHQFHZKLFKSURFODLPHG$OOPHQDUHFUHDWHG
RIVODYHU\
HTXDOWKDWWKH\DUHHQGRZHGZLWKFHUWDLQXQDOLHQDEOH5LJKWVWKDW
DPRQJWKHVHDUH/LIH/LEHUW\DQGWKHSXUVXLWRI+DSSLQHVV6ODYHU\
DEROLWLRQLVWVDUJXHGZDVFRQWUDU\WRWKHVHLGHDOV+DG$PHULFD
VIRXQGHUVLQWHQGHGIRUWKHVHZRUGVWRDSSO\MXVWWR
ZKLWHPHQRUWRDOOPHQ"'LG$PHULFDQLGHDOVDVVHWIRUWKE\WKHIRXQGHUVGLFWDWHWKDW$IULFDQ$PHULFDQVODYHV
GHVHUYHGWREHOLEHUDWHG"
0HDQZKLOHSURVODYHU\IRUFHVEHJDQWRIHDUZKDWWKHIXWXUHPLJKWKROG%\WKHVHYHQDVVODYHU\EHFDPHPRUH
SUHYDOHQWRQWKHYDVWSODQWDWLRQVRIVRXWKHUQVWDWHVWKHUHZDVDVKDUSLQFUHDVHLQWKHFRXQWU\
VSRSXODWLRQRIIUHH
$IULFDQ$PHULFDQV'XULQJWKLVWLPH3KLODGHOSKLD3HQQV\OYDQLDZDVKRPHWRRQHRIWKHODUJHVWFRPPXQLWLHVRIIUHH
EODFNVLQWKHFRXQWU\,Q3HQQV\OYDQLDKDGSDVVHGDQDFWWKDWDOORZHGDJUDGXDODEROLWLRQRIVODYHU\LQWKH
VWDWH%\WKHUHZHUHIUHHEODFNVOLYLQJLQ3KLODGHOSKLDQHDUO\QLQHSHUFHQWRIWKHFLW\
VSRSXODWLRQ7KHVH
IUHH$IULFDQ$PHULFDQVEHJDQWRHVWDEOLVKWKHLURZQFXOWXUHFKXUFKHVVFKRROVDQGVRFLHWLHV
/LIHLQ3KLODGHOSKLD
7KHFKDQJHVKDSSHQLQJLQ3KLODGHOSKLDZRUULHGVXSSRUWHUVRIVODYHU\ZKREHOLHYHGWKDW$IULFDQ$PHULFDQVGLGQRW
GHVHUYHWREHWUHDWHGRQWKHVDPHOHYHODVZKLWHFLWL]HQV6RPHRIWKHVHDQWLDEROLWLRQLVWVLQFOXGLQJ(GZDUG&OD\
EHOLHYHGWKDWDVRFLHW\LQZKLFKIUHHEODFNVHQMR\HGWKHVDPHULJKWVDVZKLWH$PHULFDQVZDVGRRPHGWRIDLOXUH
7KURXJKKLVFDUWRRQV&OD\UHVROYHGWRFKDOOHQJHDEROLWLRQLVWVZKRVXSSRUWHGWKHFUHDWLRQRIDQHTXDOVRFLHW\
%HWZHHQDQG&OD\FUHDWHGKLV/LIHLQ3KLODGHOSKLDVHULHVDFROOHFWLRQRIGUDZLQJVWKDWUHQGHUDVFDWKLQJ
SRUWUD\DORIDQDWLRQWKDWDFFHSWHGIUHH$IULFDQ$PHULFDQV7KHFKDUDFWHUVLQ&OD\
VZRUNVDVSLUHGWRWKHKLJKHVW
UHDFKHVRIVRFLHW\EXWIHOOIDUVKRUWRIWKHLUJRDOV&OD\JDYHKLVFKDUDFWHUVWKHVDPHVWHUHRW\SLFDOWUDLWVFRPPRQO\
SRUWUD\HGLQQHZVSDSHUVGXULQJWKDWWLPH7KH\ZHUHEXPEOLQJDQGDZNZDUGSHRSOHZKRZRUHJDULVKFORWKHVDQGRIWHQ
PLVSURQRXQFHGWKHLUZRUGV&OD\
VFUHDWLRQVVKRZHGIUHHEODFNVHQJDJHGLQWKHVDPHDFWLYLWLHVDVWKHLUZKLWH
FRXQWHUSDUWV²VKRSSLQJVWUROOLQJSD\LQJYLVLWVWRRQHDQRWKHUDWWHQGLQJGDQFHVDQGFKRLUV²EXWZHUHSRUWUD\HGDV
LJQRUDQWLQDOORIWKHLULQWHUDFWLRQV&OD\GHVLJQHGKLVFDUWRRQVLQWKLVPDQQHUWRVHQGWKHPHVVDJHWKDW$IULFDQ
$PHULFDQVZHUHQRWGHVHUYLQJRIWKHVDPHVWDWXVDVZKLWHVLQ$PHULFDQVRFLHW\$WWKHVDPHWLPHKHKRSHGWR
IXUWKHUWKHSURVODYHU\DJHQGD
0DUULDJH/DZV
,Q&OD\ZRXOGDJDLQXVHKLVSHQWRFKDOOHQJHWKHDQWLVODYHU\PRYHPHQWDIWHUDJURXSRIZRPHQOHGE\
DEROLWLRQLVW$UROLQH&KDVHVXEPLWWHGDSHWLWLRQWRWKH0DVVDFKXVHWWVOHJLVODWXUHWRHQGDQWLPLVFHJHQDWLRQODZVLQWKH
VWDWH7KHJURXSUHTXHVWHGWKDWWKHJRYHUQPHQWUHSHDODOOODZVZKLFKPDNHDQ\GLVWLQFWLRQDPRQJLWVLQKDELWDQWVRQ
DFFRXQWRIFRORULQFOXGLQJIRUELGGLQJPDUULDJHEHWZHHQZKLWHVDQGEODFNVRU,QGLDQV,QWHUUDFLDOPDUULDJHZDV
XQKHDUGRIDWWKHWLPHDQGWKHSHWLWLRQWROHJDOL]HLWMROWHG&OD\DQGPDQ\RWKHUDQWLDEROLWLRQLVWV
7KDWVDPH\HDU&OD\SURGXFHGKLV$PDOJDPDWLRQVHULHV8QOLNHKLV/LIHLQ3KLODGHOSKLDVHULHVWKHVHGUDZLQJVGLG
QRWODPSRRQIUHHEODFNVRFLHW\,QVWHDG&OD\DWWHPSWHGWRVKRFNKLVUHDGHUVE\SDLQWLQJDSLFWXUHRIDVRFLHW\LQ
ZKLFK$IULFDQ$PHULFDQDQGZKLWHSHRSOHZHUHIUHHWRPLQJOHLQWHUDFWDQGPDUU\²SUDFWLFHVWKDWZHUHQDWXUDOO\
FRQGHPQHGE\DQWLDEROLWLRQLVWV&OD\DOVRXVHGWKHGUDZLQJVWRULGLFXOHSURPLQHQWOHDGHUVLQWKHDEROLWLRQLVW
PRYHPHQW,Q&OD\
VGUDZLQJHQWLWOHG$PDOJDPDWLRQ3RONDDEROLWLRQLVW:LOOLDP/OR\G*DUULVRQZDVVKRZQGDQFLQJ
KLVIDFHGLVWRUWHGLQDIRROLVKJULPDFH
$WWKHWLPHRIWKHLUSXEOLFDWLRQ&OD\
VFDUWRRQVKHOSHGVSUHDGRUUHLQIRUFHWKHEHOLHIWKDWEODFNSHRSOHZHUHLQKHUHQWO\
XQHTXDODQGWKHUHIRUHVKRXOGQRWHQMR\DOOWKHOLEHUWLHVRIZKLWHV,QVRPHLQVWDQFHVKLVGUDZLQJVVHUYHGDV
LQVSLUDWLRQIRUQHZODZVGHVLJQHGWRSUHVHUYHVODYHU\RUSURPRWHVHJUHJDWLRQ,QRWKHUFDVHVWKH\HYHQVSXUUHGZKLWH
SRSXODWLRQVWRULRW7RGD\KLVWRULDQVFLWH&OD\
VZRUNVDVLQGLFDWRUVRIWKHUDFLVPWKDWSHUYDGHGDQWHEHOOXPVRFLHW\
3$*(
'LJ'HHSHU
$V\RXUHDGLQ7KH3RZHURIWKH3HQ(GZDUG&OD\XVHGRQHRIKLVFDUWRRQVWRPRFNDEROLWLRQLVW:LOOLDP/OR\G
*DUULVRQ*DUULVRQKDGERWKDGPLUHUVDQGFULWLFV$IWHUDOOKHGHGLFDWHGKLVFDUHHUWRWKHPRVWFRQWURYHUVLDOLVVXHRI
KLVGD\DQGPDQ\SHRSOHFRQVLGHUHGKLVRSLQLRQVWREHH[WUHPH
$EROLWLRQLVWVEHOLHYHGWKDWVODYHU\ZDVDPRUDOHYLOWKDWVKRXOGEHDEROLVKHGRUHQGHG)URPWKHVWKURXJKWKH
&LYLO:DUDQGHYHQIRUDIHZ\HDUVEH\RQGLWDV\RX
OOUHDGEHORZDEROLWLRQLVWVZHUHDQLPSRUWDQWSROLWLFDOIRUFHLQ
WKH8QLWHG6WDWHVDQG*DUULVRQZDVRQHRIWKHPRYHPHQW
VORXGHVWYRLFHV%HJLQQLQJLQKHSXEOLVKHGD
QHZVSDSHUFDOOHG7KH/LEHUDWRULQZKLFKKHZURWHVWURQJDQWLVODYHU\HGLWRULDOV+HDOVRKHOSHGRUJDQL]HWKH1HZ
(QJODQG$QWL6ODYHU\6RFLHW\DQGODWHUWKH$PHULFDQ$QWL6ODYHU\6RFLHW\
$EROLWLRQLVWVKDGYDULHGRSLQLRQVRQKRZWRJRDERXWHQGLQJVODYHU\DQGDERXWKRZIRUPHUVODYHVVKRXOGEHWUHDWHG
DIWHUDEROLWLRQ*DUULVRQDUJXHGWKDWVODYHU\VKRXOGEHHQGHGLPPHGLDWHO\²QRWRYHUDORQJSHULRGRIWLPHDVRWKHUV
VXJJHVWHG²DQGWKDWEODFN$PHULFDQVVKRXOGKDYHH[DFWO\WKHVDPHULJKWVDVZKLWH$PHULFDQV1RWHYHU\RQH
RSSRVHGWRVODYHU\EHOLHYHGWKLVPLOOLRQVRI$PHULFDQVRSSRVHGVODYHU\ZLWKRXWZDQWLQJUDFLDOHTXDOLW\
*DUULVRQWRRNVWURQJSRVLWLRQVRQPDQ\LVVXHVRIWKHGD\8QOLNHVRPHRWKHUDEROLWLRQLVWV*DUULVRQLQVLVWHGWKDW
ZRPHQVKRXOGKDYHHTXDOULJKWVDQGKHRSSRVHGJLYLQJWKHPRYHPHQW
VRIILFLDOVXSSRUWWRDQ\SROLWLFDOFDQGLGDWH
+LVYLHZVGLGQRWDOZD\VHQGHDUKLPWRRWKHUDEROLWLRQLVWVLQFOXGLQJ$IULFDQ$PHULFDQDQWLVODYHU\OHDGHU)UHGHULFN
'RXJODVVZKRGLVDJUHHGZLWKVRPHRI*DUULVRQ
VSRVLWLRQV(YHQWXDOO\WKHWZROHDGHUVFRXOGQRORQJHUVHHH\HWR
H\HDQGWKHDQWLVODYHU\PRYHPHQWVSOLWLQWZRGXULQJWKHV7KRVHZKRGLVDJUHHGZLWK*DUULVRQ
VPHWKRGVZHQW
WKHLURZQZD\
$VWKHFRXQWU\VOLGWRZDUGFLYLOZDU*DUULVRQFRQWLQXHGWRSXEOLVK7KH/LEHUDWRUDSDSHUWKDWDSSHDUHGUHJXODUO\XQWLO
WKHHQGRIWKHZDULQ,QWKDW\HDU*DUULVRQEHOLHYHGWKDWWKHSDVVDJHRIWKH7KLUWHHQWK$PHQGPHQWZKLFK
ILQDOO\DEROLVKHGVODYHU\PDGHLWXQQHFHVVDU\IRUWKH$PHULFDQ$QWL6ODYHU\6RFLHW\WRFRQWLQXH+RZHYHUVRPH
PHPEHUVRIWKHJURXSFRQWLQXHGWRVWULYHIRUFRPSOHWHHTXDOLW\IRUWKHIUHHGVODYHVXQWLOWKH)LIWHHQWK$PHQGPHQW
ZKLFKJDYH$IULFDQ$PHULFDQPDOHVWKHULJKWWRYRWHZDVSDVVHGLQ
*DUULVRQGLHGLQDWDJH+LVPRVWIDPRXVZRUGVKDYHOLYHGRQDIWHUKLPIURPWKHILUVWHGLWLRQRI7KH
/LEHUDWRU,GRQRWZLVKWRWKLQNRUVSHDNRUZULWHZLWKPRGHUDWLRQ«,DPLQHDUQHVW«,ZLOOQRWUHWUHDWDVLQJOHLQFK
²$1',:,//%(+($5'
+HZDV
'LFWLRQDU\
DQWHEHOOXPDGMHFWLYHUHODWLQJWRDWLPHSULRUWRDZDUXVXDOO\UHIHUVWRDWLPHSULRUWRWKH86&LYLO:DU
JDULVKDGMHFWLYHWDVWHOHVVRUJDXG\
ODPSRRQYHUEWRVXEMHFWWRULGLFXOHRUKDUVKVDWLUH
PLVFHJHQDWLRQQRXQPDUULDJHRUFRKDELWDWLRQEHWZHHQSHRSOHRIGLIIHUHQWUDFHV
VFDWKLQJDGMHFWLYHH[WUHPHO\KDUVK
6WUHWFK$FWLYLW\
3$*(
:KDWLVWKLVDUWLFOHPDLQO\DERXW"
7KHGUDZLQJRIWKHDEROLWLRQLVW:LOOLDP/OR\G*DUULVRQVKRZQGDQFLQJZLWKKLVIDFHGLVWRUWHGLQD
IRROLVKJULPDFH
7KHULVLQJQXPEHUVRIIUHH$IULFDQ$PHULFDQVZKRHVWDEOLVKHGWKHLURZQFXOWXUHFKXUFKHVDQG
VRFLHWLHV
7KHSHWLWLRQVXEPLWWHGWRWKH0DVVDFKXVHWWVOHJLVODWXUHE\$UROLQH&KDVHWRHQGDQWL
PLVFHJHQDWLRQODZV
7KHSROLWLFDOFDUWRRQVWKDWZHUHFUHDWHGE\(GZDUG:LOOLDPV&OD\LQVXSSRUWRIDQWLDEROLWLRQLVWV
LQWKHFRXQWU\
:KLFKRIWKHVHLVDVWDWHPHQWRIRSLQLRQ"
(GZDUG:LOOLDPV&OD\SURGXFHGDFROOHFWLRQRIGUDZLQJVFDOOHGWKH$PDOJDPDWLRQVHULHVLQ
,Q3HQQV\OYDQLDSDVVHGDORQJRYHUGXHDFWWKDWDOORZHGDJUDGXDODEROLWLRQRIVODYHU\LQWKH
VWDWH
,QWKHUHZHUHIUHHEODFNVOLYLQJLQ3KLODGHOSKLDQHDUO\QLQHSHUFHQWRIWKHFLW\
V
SRSXODWLRQ
(GZDUG:LOOLDPV&OD\FUHDWHGKLV/LIHLQ3KLODGHOSKLDFROOHFWLRQRIGUDZLQJVEHWZHHQDQG
:KLFKLVWKHFORVHVWV\QRQ\PIRUWKHZRUGVFDWKLQJ"
)ULYRORXV
$SDWKHWLF
,PPDWXUH
'HULVLYH
6XSSRVHWKDW%UDGOH\ZDQWVWRILQGRXWPRUHDERXW(GZDUG&OD\+HZRXOGILQGPRVWRIKLVLQIRUPDWLRQBBBBBBBBBB
,QDQHZVDUWLFOHDERXW$PHULFDQDEROLWLRQLVWVLQWKHHDUO\V
,QDGDWDEDVHRISURPLQHQW$IULFDQ$PHULFDQILJXUHVLQDQWHEHOOXPVRFLHW\
,QDFKDSWHURIDKLVWRU\WH[WERRNWKDWGLVFXVVHV7KH'HFODUDWLRQRI,QGHSHQGHQFH
,QDERRNDERXWSURPLQHQWWKFHQWXU\DQWLDEROLWLRQLVWV
$FFRUGLQJWRWKHDUWLFOHZK\GLG(GZDUG&OD\FUHDWHKLV/LIHLQ3KLODGHOSKLDVHULHV"
+HZDQWHGWRVHQGDPHVVDJHWKDW$IULFDQ$PHULFDQVZHUHQRWGHVHUYLQJRIWKHVDPHVWDWXVDV
ZKLWHVLQ$PHULFDQVRFLHW\
+HZDVUHDFWLQJWRWKHSHWLWLRQVXEPLWWHGE\$UROLQH&KDVHWRHQGDQWLPLVFHJHQDWLRQODZVLQWKH
VWDWHRI0DVVDFKXVHWWV
+HZDQWHGWRVKRFNKLVUHDGHUVE\SDLQWLQJDSLFWXUHRIDVRFLHW\LQZKLFK$IULFDQ$PHULFDQVDQG
ZKLWHSHRSOHPLQJOH
+HKRSHGKLVGUDZLQJVZRXOGVHUYHDVDQLQVSLUDWLRQIRUQHZODZVGHVLJQHGWRSURPRWHWKHFDXVH
RIDEROLWLRQLVWV
:KLFKTXHVWLRQLVQRWDQVZHUHGE\WKHDUWLFOH"
7KHQDPHRI&OD\
VVHULHVWKDWDWWHPSWHGWRVKRFNUHDGHUVZLWKSLFWXUHVRIZKLWHVDQG$IULFDQ
$PHULFDQVPLQJOLQJ
7KHQDPHRIWKHDEROLWLRQLVWZKRVXEPLWWHGDSHWLWLRQWRWKH0DVVDFKXVHWWVOHJLVODWXUHWRHQGDQWL
PLVFHJHQDWLRQ
7KHQDPHRIWKHFRPSDQ\LQ3KLODGHOSKLD3HQQV\OYDQLDWKDWSXEOLVKHG(GZDUG&OD\
VSROLWLFDO
FDUWRRQV
7KHQDPHRI(GZDUG&OD\
VVHULHVWKDWUHQGHUHGDVFDWKLQJSRUWUD\DORIDQDWLRQWKDWDFFHSWHGIUHH
$IULFDQ$PHULFDQV
7KHDUWLFOHVWDWHV
,QRWKHUFDVHVWKH\HYHQVSXUUHGZKLWHSRSXODWLRQVWRULRW
/RRNDWWKHSDVVDJHDERYHDQGWKLQNDERXWWKHDUWLFOH:KLFKZRXOGEHWKHFORVHVWV\QRQ\PIRUWKHZRUGVSXUUHG"
5DQNOHG
+XPEOHG
6WLPXODWHG
&RQIRXQGHG
:KLFKRIWKHVHLVPRVWLPSRUWDQWWRLQFOXGHLQDVXPPDU\RIWKLVDUWLFOH"
)UHH$IULFDQ$PHULFDQVEHJDQWRHVWDEOLVKWKHLURZQFXOWXUHDQGVRFLHWLHV
3KLODGHOSKLD3HQQV\OYDQLDKDGDODUJHSRSXODWLRQRIIUHHEODFNV
(GZDUG&OD\FUHDWHGSROLWLFDOFDUWRRQVLQVXSSRUWRIDQWLDEROLWLRQLVWVLQWKHFRXQWU\
,QWHUUDFLDOPDUULDJHZDVXQKHDUGRILQWKHHDUO\ WKFHQWXU\
© Copyright 2026 Paperzz